ArmInfo. All obstacles on the way to the acquisition of 100% of "Veon Armenia" shares by "Team Telecom Armenia" LLC have been removed. This was reported by the press service of the "Team" company.
According to the source, yesterday the court of general jurisdiction of Yerevan satisfied the claim of "Team Telecom Armenia" company for the elimination of obstacles that arose after the court decision of July 13. Thus, the court decision to cancel the security of the claim of "Ucom" CJSC on the part according to which it was forbidden to conclude a deal for the purchase by Team LLC of shares of Veon Armenia CJSC and the submission for registration of the rights arising from the deal, entered into force from the moment of its issuance. The court decision is available on DataLex information system.
ArmInfo reported that on July 13, the court of general jurisdiction of first instance of the city of Yerevan partially satisfied the petition for securing the claim of Ucom CJSC, according to which Team LLC was prohibited from concluding a deal to acquire shares of Veon Armenia CJSC and submitting the rights arising from the deal for registration . Ucom CJSC considered that in the process of negotiations around the acquisition of shares of Veon Armenia CJSC by Team LLC, undisclosed information belonging to Ucom CJSC was used, and the violation of the fiduciary obligations of the Team LLC founders in relation to Ucom CJSC is unfair competition. "Ucom" filed a motion for the application of a means of securing a claim, in particular, to prohibit Team LLC from negotiating a deal on the acquisition of shares in Veon Armenia CJSC, as well as to conclude a deal on the acquisition of shares in Veon Armenia CJSC ( sign the transaction and submit for registration the rights arising from the transaction).
It should be noted that Team LLC was established quite recently by the former top management of another large telecommunications operator in Armenia - Ucom. Before the personnel reshuffle at "Ucom", they discussed the possible acquisition of "Veon Armenia" by this very company, as well as the buyout of "Ucom" itself by its top management represented by the Yesayan brothers. However, neither the one nor the other transaction took place and, according to market participants who commented on the new claim of"Team", the transaction may well take place. While "VEON"' decision to leave Armenia is connected with the decision of this international group of companies not to work in low-profit small markets and to concentrate on the global field.